7. Suppose that I want to have $700,000 in todays dollars in my newly opened IRA when I retire in 36 years. Assume that my investments earn 9.3% and that inflation averages 3.5%.

a. What is the actual future value I need in order to achieve my goal?

b. How much should I deposit each year in order to reach this goal? Assume that I want to contribute the same amount of actual dollars each year; I do not intend to increase the contributions to keep pace with inflation.